News: Massive VA Terminal Project to Bring Work

Monday, May 10, 2004

APM Terminals North America Inc. announced plans to build a container terminal located on the Elizabeth River in Portsmouth, Va. Dredging is expected to start later this year, and construction of the terminal is expected to be completed in 2007. The facility will feature 4,000 ft. of deepwater berth space (four times the current amount), and serve as a Mid-Atlantic platform for future growth. Many high profile international companies have significant operations in the region and others are actively eyeing major distribution centers for the future. The amount of cargo through Hampton Roads is expected to at least double by 2020, in part due to the area's attraction as a major distribution center.

" Our vision is to create a port that will act as a catalyst for international business in the local and regional economies by creating a new, broader long term platform for business growth" stated Thomas Thune Andersen, President & CEO, Maersk Inc., Madison, N.J.

The new APM Terminals container terminal in Portsmouth will be the first major privately developed container terminal in the United States.